Pharrell Williams along with his business partners have reportedly decided to take back their stake in Billionaire Boys Club and ICE CREAM by repurchasing the 50% stake that Iconix Brands Group Inc. owns.
Iconix who also owns Ecko Unltd. and Zoo York along other brands, partnered with Pharrell to take over manufacturing and distribution of BBC ICE CREAM, a deal structured by Jay Z who is a minority owner in Iconix.
The American brand management group is said to be struggling to complete the refinancing of a $300 million USD debt obligation due in June. According to a Iconix spokesperson the sale, “was a strategic decision to rationalize smaller noncore assets in the Iconix portfolio, allowing us to focus our time and resources on the larger cash flow generating brands. BBC and Ice Cream represented less than 1 percent of our total business.” This move allows Williams and his partners to resume full control over the two brands he founded back in 2005, with the aim of further expansion and growth. (HYPEBEAST)